Plus   Neg

Darden Restaurants Q4 To Date Same-restaurant Sales Down 47.9%

Darden Restaurants, Inc., (DRI) provided a business update on Tuesday, saying that its same-restaurant sales for the fourth quarter to date through Sunday, May 17, declined 47.9 percent.

The company said that from April 27, it began reopening dining rooms limited to between 25 percent and 50 percent capacity, depending on local or state regulations.

As of May 17, 49 percent of Darden's dining rooms are open in limited capacity. The company expects to have more than 65 percent of its dining rooms open with limited capacity by the end of May.

Darden noted its 'To Go' business remains strong. The company added it was able to return some team members from furlough to support the phased openings.

Based on results for the week ending May 17, Darden's ongoing weekly cash burn rate has improved to less than $10 million, including capital expenditures. The company has fully repaid its $750 million credit facility on May 5, 2020.

With about $700 million of cash on hand as of May 17, Darden said it is well positioned for the near term while retaining financial flexibility to fully access its $750 million credit facility in the event capital requirements present.

Including cash available through the credit facility and cash on hand, the company has access to more than $1.4 billion of liquidity.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said that the current state of the COVID-19 pandemic in the U.S. is "really not good." The U.S. is the country worst-affected by the coronavirus and has recently seen a surge in coronavirus infections as lockdown restrictions are eased. Granules Pharmaceuticals, Inc. recalled twelve (12) lots of type 2 diabetes medication Metformin hydrochloride Extended-Release, in the form of oral film-coated tablets, for the potential presence of nitrosamine impurity, N-Nitrosodimethylamine (NDMA), above levels of the Acceptable Daily Intake Limit (ADI), the U.S. Food and Drug Administration or FDA said in a statement. Palantir Technologies Inc., the Silicon Valley big data analytics company that has handled U.S. government's certain sensitive projects, said it has confidentially filed documents with the Securities and Exchange Commission to go public. In a statement, the company said the proposed public listing of its Class A common stock is expected to take place after the SEC completes its review process.
Follow RTT